With several industries facing skill gaps, most businesses are facing difficulty finding the right talent, with the right industry knowledge.
According to a report titled Global Growth Index by Epicor Software, ‘Only a quarter (23 percent) of businesses felt they find it easy to attract the right talent, with the right industry knowledge, suggesting they might soon hit crisis point.’
The research conducted among 2,450 business decision makers and employees in businesses in 14 countries, including India found out that 32 percent businesses believe young people lack the right skills or experience to work in the industry.
Despite recent technology developments, including advancements in artificial intelligence (AI), IoT and robotics, many business leaders attributed the emerging skills and knowledge gap to the fact that there's a perception that these industries are behind the times.
Many businesses in manufacturing, lumber, distribution and retail believe they are perceived as being old-fashioned (23 percent), and a quarter agreed they were not seen as working within a 'young person's industry' (25 percent).
It was also found out that one in five (22 percent) believed that the education system simply isn't doing them any favours primarily because it's not preparing or encouraging young people into manufacturing.
Meanwhile, 41 percent said young people want the opportunity to work with the latest innovations, so implementing new technology could bring recruitment benefits as well as business efficiencies for industrial firms.
About 20 percent said the chance to work with robotics and AI is a big draw for young talent, and 33 percent of millennials want the opportunity to work with the cutting edge new developments.
Scott Hays, senior vice president, product marketing at Epicor said, "Technology, we believe, holds the key to plugging the knowledge gap. The presence of robots on the manufacturing floor and in the warehouse, will not only help businesses achieve more at a time when they are struggling to recruit the right humans, but will also help to boost the prestige of industrial roles making them more attractive to young people, more exciting and more cutting-edge."